Zakatul-Maal (Money), Fitr, Gold & Silver The Zakah of Fitr is due on every Muslim who is alive part of Ramadan and part of Shawwal (the month after Ramadan.) As for Zakatul-Maal, according to Imam Abu Hanifah, Zakah is due on money currency. If ones own money has the full Nisab (quotum), and a full year had lapsed on that amount, then the due Zakah is about 2.5%. The nisab of money would be similar to the value of the nisab of Gold or Silver. We know that the value of gold and silver changes. Hence, we can say that the minimum nisab is 3 oz = 86 grams of gold or 21 oz = 595 grams of silver. One has to check the dollar value and pay it after they have had this gold (or silver) for a whole lunar year. The Hanafiyys have a certain way of calculating this Zakah. However, if one pays 1/40 = 2.5% one will be paying MORE than required. Hence, the person intends the extra amount to be Sadaqah - charity. The Hanafiyys say that one evaluates by what is more beneficial to the poor people. If your money constitutes a nisab of silver but not gold, then you must pay zakah according to the value of silver. Details here: alsunna.org/Zakah-of-Fitr.html
Posted on: Tue, 29 Jul 2014 16:22:12 +0000
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